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U.S. fourth quarter goods trade deficit widens, prompting growth forecast cuts
The U.S. goods trade deficit rose sharply in December as imports rebounded and businesses became more cautious on accumulating inventory, prompting some economists to cut their fourth quarter economic growth estimates. The housing market also provided some discouraging news on Wednesday, with contracts to purchase previously owned homes dropping by the most in more than 9-1/2 years in December. The housing market has been regaining momentum after slumping in 2018 and the first half of 2019, thanks to lower mortgage rates. The Federal Reserve, which cut interest rates three times last year, left them unchanged on ... (full story)